HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

GigaDevice Semiconductor  / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gigadevice-semiconductor" target="_blank" data-smartkarma-citation="entities:46238:1" rel="noopener">GigaDevice Semiconductor (3986 HK)</a>'s grey market price of HK$224.8 is 38.8% higher than the IPO price. This means a PER of 53.5x for FY26, simply too stretched for us. </li>
<li>The grey market price represents a 68-77% FY26 PER premium to the most-expensive peers, namely <a href="https://www.smartkarma.com/entities/microchip-technology-inc" target="_blank" data-smartkarma-citation="entities:8788:1" rel="noopener">Microchip Technology (MCHP US)</a> and <a href="https://www.smartkarma.com/entities/texas-instruments-inc" target="_blank" data-smartkarma-citation="entities:18804:1" rel="noopener">Texas Instruments (TXN US)</a>. </li>
<li>Our fair value range is HK$204-238, based on the HA discount for 2025 IPOs and the current overall HA discount, implying limited upside potential.</li>
</ul>



GigaDevice Semiconductor (3986 HK)'s grey market price of HK$224.8 is 38.8% higher than the IPO price. This means a PER of 53.5x for FY26, simply too stretched for us. 
The grey market price represents a 68-77% FY26 PER premium to the most-expensive peers, namely Microchip Technology (MCHP US) and Texas Instruments (TXN US). 
Our fair value range is HK$204-238, based on the HA discount for 2025 IPOs and the current overall HA discount, implying limited upside potential.


GigaDevice (3986 HK): Its Just Too Demanding

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Jan 9th. The aggregated short interest was USD28.8bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Chailease, Fortune Electric, Alchip Technologies, Innolux, LARGAN Precision.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jan 9th. The aggregated short interest was USD28.8bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Chailease, Fortune Electric, Alchip Technologies, Innolux, LARGAN Precision.


TWSE Short Interest Weekly (Jan 9th): Chailease, Fortune Electric, Alchip Technologies, Innolux

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Jan 2nd. The aggregated short interest was USD28.4bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in MediaTek, Zhen Ding Technology, TECO Electric &amp; Machinery, Yageo, Innolux.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jan 2nd. The aggregated short interest was USD28.4bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in MediaTek, Zhen Ding Technology, TECO Electric &amp; Machinery, Yageo, Innolux.


TWSE Short Interest Weekly (Jan 2nd): MediaTek, Zhen Ding Technology, TECO Electric & Machinery

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Dec 26th. The aggregated short interest was USD27.8bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in CTBC Financial, Chailease, Zhen Ding Technology, TECO Electric &amp; Machinery, Asustek Computer, CTBC Financial, Chailease, Zhen Ding Technology, TECO Electric &amp; Machinery, Asustek Computer.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Dec 26th. The aggregated short interest was USD27.8bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in CTBC Financial, Chailease, Zhen Ding Technology, TECO Electric &amp; Machinery, Asustek Computer, CTBC Financial, Chailease, Zhen Ding Technology, TECO Electric &amp; Machinery, Asustek Computer.


TWSE Short Interest Weekly (Dec 26th): CTBC Financial, Chailease, Zhen Ding Technology

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Dec 19th. The aggregated short interest was USD28.2bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Taishin Financial, Accton Technology, Asustek Computer, Alchip Technologies, ASE Industrial, Taishin Financial, Accton Technology, Asustek Computer, Alchip Technologies, ASE Industrial.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Dec 19th. The aggregated short interest was USD28.2bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Taishin Financial, Accton Technology, Asustek Computer, Alchip Technologies, ASE Industrial, Taishin Financial, Accton Technology, Asustek Computer, Alchip Technologies, ASE Industrial.


TWSE Short Interest Weekly (Dec 19th): Taishin Financial, Accton Technology, Asustek Computer

Taiwan

Realtek Semiconductor Corp. designs, tests, and distributes integrated circuits which are used in consumer electronics, computer systems and peripherals, and communication network hardware.  The Company also provides technical counseling and systems software services.

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Realtek Semiconductor (2379 TT)

GigaDevice (3986 HK): Its Just Too Demanding

GigaDevice's grey market price is 38.8% higher than IPO, leading to a FY26 PER of 53.5x, with limited upside potential compared to peers, even...

Osbert Tang, CFA

TWSE Short Interest Weekly (Jan 9th): Chailease, Fortune Electric, Alchip Technologies, Innolux

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Chailease, Fortune Electric, Alchip...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Jan 2nd): MediaTek, Zhen Ding Technology, TECO Electric & Machinery

We analyzed TWSE short interest report for the past week and highlighted short interest changes in MediaTek (2454 TT), Zhen Ding Technology (4958...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Dec 26th): CTBC Financial, Chailease, Zhen Ding Technology

We analyzed TWSE short interest report for the past week and highlighted short interest changes in CTBC Financial (2891 TT), Chailease (5871 TT),...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Dec 19th): Taishin Financial, Accton Technology, Asustek Computer

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Taishin Financial (2887 TT), Accton Technology...

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

GigaDevice (3986 HK): Its Just Too Demanding

​GigaDevice's grey market price is 38.8% higher than IPO, leading to a FY26 PER of 53.5x, with limited upside potential compared to peers, even...

Osbert Tang, CFA

TWSE Short Interest Weekly (Jan 9th): Chailease, Fortune Electric, Alchip Technologies, Innolux

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Chailease, Fortune Electric, Alchip...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Jan 2nd): MediaTek, Zhen Ding Technology, TECO Electric & Machinery

We analyzed TWSE short interest report for the past week and highlighted short interest changes in MediaTek (2454 TT), Zhen Ding Technology (4958...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Dec 26th): CTBC Financial, Chailease, Zhen Ding Technology

We analyzed TWSE short interest report for the past week and highlighted short interest changes in CTBC Financial (2891 TT), Chailease (5871 TT),...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Dec 19th): Taishin Financial, Accton Technology, Asustek Computer

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Taishin Financial (2887 TT), Accton Technology...

Ke Yan, CFA, FRM

GigaDevice's grey market price is 38.8% higher than IPO, leading to a FY26 PER of 53.5x, with limited upside potential compared to peers, even...